Thursday, January 7, 2010

Casey Johnson, Heiress to the Johnson & Johnson Fortune

If you haven't seen it in the news, or heard it already, Casey Johnson, also known as the "Baby-Powder Princess" has passed away at only 30 years old. Even though Casey was known to have her ups and downs with drugs and alcohol, this is a horrible and tragic event, especially for her close friends, and family to have to experience.

There are going to be so many investigations regarding her death, Police have stated she may have been dead for many days before she was found in her home January 4, 2010.

Now here's the interesting part.

As of 12 o'clock midnight New Years Day, January 1st 2010, there is no estate tax. Some have said, 2010 is the year to die because of this. So this is where Johnson's fiancé, Tila Tequila will not have to pay ANY estate tax.

Now considering the Police have stated there is a possibility Johnson could have been deceased for a few days before she was found makes the situation a little more complicated. If it can be proven that Johnson died in 2009, the Estate Tax will be reinstated by congress! There are rumors that Johnson had public arguments with her family, and had been either announced as "cut off" from the family funding, but either way, she still has assets in trust that can be taxed upon. So if she died in 2009, then her estate is taxed at 45% of its value!

So how do we plan for this uncertainty?
DO AN ESTATE PLAN, It's not just about the taxes, the most important reason to do an estate plan is to protect your loved ones. A trust based plan is a way to protect your privacy, during your life as well as when you are gone.

For more information about Estate Planning or Estate Taxes, Please visit our website: